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- **Rental Business Surge**: Revenue +45.3% YoY to RMB 5.7 billion, contribution margin 8.7% (up 4.3ppt), 660,000 units under management (+75% YoY). 
- **AI-Driven Efficiency**: Rental AI tools boost lease-out of 350,000 units, 30,000 agents promoted via short videos, property manager efficiency up 44% YoY. 
- **Share Repurchase Intensity**: Q3 repurchased RMB 281 million (highest in 2 years), cumulative 2025 repurchases +15.7% YoY. 
- **Strategic Shifts**: Agent specialization pilot in Shanghai, Carefree rent model expansion, R&D investment doubling in AI. 
- **Cost Optimization**: Fixed labor costs down 20% YoY, store count reduced 8%, centralized procurement savings 20%.

**【CFO Financial Commentary】**
- **Q3 Financial Highlights**: Total GTV of RMB 736.7 billion (flat YoY), revenue RMB 23.1 billion (+2.1% YoY), GAAP net income RMB 747 million (-36.1% YoY), Non-GAAP net income RMB 1.29 billion (-27.8% YoY). Gross margin 21.4% (-1.3ppt YoY). 
- **Existing Home Business**: Revenue RMB 6 billion (-3.6% YoY), GTV RMB 505.6 billion (+5.8% YoY). Contribution margin 39% (-2ppt YoY). 
- **New Home Business**: GTV RMB 196.3 billion (-13.7% YoY), revenue RMB 6.6 billion (-14.1% YoY). Contribution margin 24.1% (-0.7ppt YoY). 
- **Home Renovation**: Revenue RMB 4.3 billion (flat YoY), contribution margin 32% (+0.8ppt YoY). 
- **Rental Services**: Revenue RMB 5.7 billion (+45.3% YoY), GTV RMB 196.3 billion. Contribution margin 8.7% (+4.3ppt YoY). 660,000 units under management (+75% YoY). 
- **Cost Optimization**: Store costs RMB 663 million (-5.8% YoY), G&A expenses RMB 1.9 billion (flat YoY), R&D expenses RMB 648 million (+13.2% YoY). 
- **Share Repurchase**: Q3 repurchase RMB 281 million (highest in 2 years), cumulative 2025 repurchases RMB 675 million (+15.7% YoY). 

**【CEO Strategic Initiatives】**
- **Agent Specialization Pilot**: Shanghai seller/buyer agent specialization with ACN commission split adjustment. High-quality listings account for >75% of transactions. 
- **AI Integration**: Rental services AI tools include listing score system, grid management, and sign-up assistants. 350,000 units leased in Q3 with 90% price adjustment adoption. 
- **Carefree Rent Model**: 25% of units on net revenue basis, contribution margin 8.7%. Property manager efficiency up 44% YoY (130 units/month). 
- **Operational Efficiency**: Store count reduced 8% to 5,200, rent savings 10%. R&D team expanded to 2,300 (600 AI-focused). 

**【Q&A Highlights】**
- **New Home Growth**: Brokerage penetration 50% vs 30% 2023, B+ product pilot in 4 cities. 
- **Rental Profitability**: Carefree rent contribution profit RMB 500 million (+186% YoY), 30,000 agents promoted via short videos. 
- **Renovation Expansion**: 30% conversion in 2nd/3rd tier cities vs 20% in Beijing. AI identifies high-potential homes for renovation. 
- **Cost Control**: Fixed labor costs down 20% YoY, variable costs optimized, centralized procurement savings 20%.

KE Holdings Inc. (BEKE) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

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